Tag Archives: #EconomicEducation

Q10.26 Interchange of bookkeeping and accountancy: The term book keeping and Accountancy can be used interchangeably ?

Interchange of bookkeeping & accountancy Interchange of bookkeeping and accountancy Website link Interchange of bookkeeping and accountancy: While bookkeeping and accountancy are related fields within the realm of financial management, they are not interchangeable terms. They refer to distinct activities and have different scopes of work. Bookkeeping primarily involves the systematic recording, organizing, and maintaining… Read More »

How is bookkeeping different from accounting?

Bookkeeping vs Accounting Bookkeeping vs accounting are two interrelated yet separate functions within the realm of financial management. The following are the fundamental distinctions between bookkeeping and accounting: Scope: Bookkeeping focuses on the systematic recording and organization of financial transactions. It involves tasks such as maintaining ledgers, recording income and expenses, reconciling accounts, and… Read More »

What is difference between total liabilities and current liabilities?

Pvt ltd company be a proprietor of a firm

Total Liabilities V/s Current liabilities Understanding the Difference Between Total Liabilities and Current Liabilities In the realm of finance and accounting, understanding a company’s liabilities is crucial for evaluating its financial health. Two key terms often encountered are total liabilities and current liabilities. While they may seem similar, they serve distinct purposes in financial… Read More »

Is book value the same as net asset value?

Is Book Value the Same as Net Asset Value? When it comes to assessing the value of a company or an investment, financial terms like book value and net asset value (NAV) often come into play. While these terms may sound interchangeable, they serve different purposes and are used in various contexts within finance. Let’s… Read More »

What is difference between of Tax planning and Tax avoidance?

What is the difference between net revenue and gross profit?

Net Revenue and Gross profit Net revenue, also called net sales, refers to the total income a company generates from its operations after deducting certain items such as discounts, returns, and allowances. It represents the actual amount of money a business brings in from selling its goods or services. Formula for Net Revenue: Net Revenue=Gross Sales−Returns−Allowances−Discounts\text{Net Revenue}… Read More »

What is capital gain tax in India a simple way with examples in

Capital gain tax in India Capital gains tax is a tax levied on the profit realized from the sale of an asset. In India, capital gains tax is divided into two categories – short-term capital gains and long-term capital gains. Short-term capital gain tax in India is applicable when an asset sell within 2 years… Read More »

What is the difference between GST and income tax?

GST and Income Tax It follows a consumption-based model, where tax is collect at each stage of the supply chain, from the manufacturer to the end consumer. GST replaces multiple indirect taxes such as excise duty, service tax, and VAT, with the objective of establishing a unified market throughout the country… Read More »

What is the difference between land revenue, land income, and land tax?

Difference land revenue and Land Tax Difference land revenue and Land Tax, It’s distinct terms used in the realm of land ownership and taxation. Land revenues denotes the payment made by the landowner to the government for utilizing and occupying the land. It is a periodic payment remitted by the landowner to the… Read More »

What is the meaning of net taxable income?

Net taxable income Net Taxable income represents the portion of income that is liable to taxation after considering all eligible deductions and exemptions. It is the income remaining after deducting allowable expenses like contributions to provident fund, investments in specified tax-saving schemes, medical expenses, and more from the gross income. To visit https://www.gst.gov.in/ To calculate… Read More »